Crude Oil Futures: Further gains look limited

Traders scaled back their open interest positions by 746 contracts on Tuesday, extending the downtrend prevailing since June 12, according to flash readings from CME Group. On the other hand, volume remains choppy and rose by around 13.1K contracts.

WTI keeps gyrating around $40.00

Prices of the barrel of the West Texas Intermediate are navigating the key area near the $40.00 mark. The persistent decline in open interest maintains extra gains contained and stays supportive of a correction lower in the very near-term.